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Business, 05.12.2019 18:31 brillamontijo
Steve drake sells a rental house on january 1, 2018, and receives $120,000 cash and a note for $45,000 at 10 percent interest. the purchaser also assumes the mortgage on the property of $35,000. steve's original cost for the house was $180,000 on january 1, 2010 and accumulated depreciation was $30,000 on the date of sale. he collects only the $120,000 down payment in the year of sale.
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Steve drake sells a rental house on january 1, 2018, and receives $120,000 cash and a note for $45,0...
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